Enterprise Bank & Trust recently invested $250,000 in the Newtown Community Development Corporation, which will use the funds to help build their Tempe Micro Estates, a new and innovative approach to affordable housing.
The project features thirteen 600-square-foot stand-alone homes arranged around a community building and a central courtyard with native landscaping. Although the houses will be built with high-quality eco-friendly materials and high-efficiency systems, most will be sold for below market-value in order to provide opportunities to people who would otherwise be priced out of homeownership. Prospective buyers must have a household income of less than 80 percent of the area’s median income.
Enterprise Bank & Trust’s investment will go toward construction costs on the project, which is expected to break ground January 2020. This collaboration to develop affordable housing is an excellent example of how creative partnerships can support residents and communities in the state of Arizona.
“Tempe Micro Estate shares our aim to strengthen our community through neighborhood revitalization and development, and we are honored to work with Newtown,” said Jeff Friesen, President of Enterprise Bank & Trust’s Arizona Region. “Sustainable, affordable living is an exciting new frontier of home building and will bring new energy into the social and economic components of our communities.”
Helping communities flourish is part of Enterprise Bank & Trust’s vision, and the company expects to support additional community projects this year. “Giving back and fostering economic growth in the Phoenix market is paramount to us,” Friesen adds.
“We greatly appreciate Enterprise Bank & Trust’s investment in Newtown and our Tempe Micro Estates project,” said Allen Carlson, Newtown’s Executive Director. “This is a great example of corporate social responsibility and impact investing. We couldn’t do the work we do without partnerships like this.”
Newtown’s mission is to make affordable homeownership possible for low-income families. In addition to building and renovating houses, Newtown offers programs across Maricopa County to help people at any stage of homebuying—from credit counseling, to financial coaching, to homebuyer education, to down payment assistance, to purchasing assistance for first-time homebuyers.